Investor Presentaiton

Etalon Group portfolio: high quality projects diversified across the two most lucrative macro regions in Russia Project Total NSA Status ('000 sqm) Unsold NSA (Etalon's share) parking (lots), ('000 sqm) (1) # Unsold OMV (RUBmln) Income from sales (RUBmln) (2) Construction budget (RUBmln) Outstanding (3) budget (RUBmln) (3) Current Projects St. Petersburg Metropolitan Area (SPMA) 1. Galactica Design stage 779.4 631.5 4,238 8,182 78,557 38,978 37,520 2. Tsar's Capital Construction 392.4 216.3 2,089 13,197 33,225 15,374 6,868 3. Swallow's Nest Construction 333.6 149.0 1,582 8,720 22,932 13,365 1,880 4. Moscow Gates 5. Samotsvety 6. Molodejny Construction 234.1 202.0 884 7,104 25,662 10,136 8,122 Construction 205.8 179.6 1,654 8,613 22,614 8,466 5,757 Construction 111.8 25.8 491 935 8,545 4,352 1,140 7. Polyustrovskiy prospect Design stage 91.3 91.3 530 1,098 6,965 3,377 3,377 8. Technopark Design stage 51.0 51.0 440 572 4,451 3,571 3,089 9. Beloostrovskaya Design stage 42.9 41.0 277 383 3,588 2,290 2,281 Total SPMA 2,242.3 1,587.6 12,185 48,804 206,540 99,909 70,033 Moscow Metropolitan Area (MMA) 1. Emerald Hills Construction 864.8 479.3 3,174 18,484 66,218 37,548 17,094 2. Etalon-City Construction 372.2 272.3 2,276 8,871 34,955 17,575 15,531 3. Dmitrovskoe shosse Design stage 322.3 266.1 2,122 5,276 33,604 16,696 16,579 4. Alekseevskiy District Design stage 179.5 169.6 2,160 6,835 23,957 8,973 8,903 5. Budennogo street Design stage 119.0 110.7 936 3,825 13,950 5,836 5,763 6. Losinoostrovskiy District Design stage 91.5 83.9 851 3,032 11,635 4,372 4,351 Total MMA 1,949.3 1,381.8 11,519 46,323 184,319 90,998 68,222 Total Current Projects 4,191.6 2,969.4 23,704 95,127 390,859 190,907 138,255 Completed Projects Residential property in completed projects Completed stand-alone commercial properties Total Completed Projects All Projects Total Etalon Group (1) Source: construction period based on company estimates, all numbers based on JLL report as of 31.12.2014 Including parking with average area c. 30 sqm (2) Income from sales includes potential and received incomes as of 31 December 2014 Etalon Group 124.5 20.4 144.9 3,219 8,198 59 3,278 961 9,159 3,114.3 26,982 104,286 (3) Excluding land acquisition costs 16

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